Tax rebates coming?

One of the things they're talking about here is a "tax rebate" of $800 for singles, $1,600 for couples (under $85K/$110K income) ... my question is this, and I haven't seen it answered in an article yet: Is this on the taxes I owed for 2007, or will it be on the 2008 taxes I file in 2009?

By ANDREW TAYLOR
and
DEB RIECHMANN
Associated Press Writer
WASHINGTON (AP) — President Bush, acknowledging the risk of recession, embraced about $145 billion worth of tax relief Friday to give the sagging economy a â€œshot in the arm. â€œ
Bush said such a growth package must also include tax incentives for business investment and quick tax relief for individuals. And he said that to be effective, an economic stimulus package would need to roughly represent 1 percent of the gross domestic product — the value of all U.S. goods and services and the best measure of the country’s economic standing.
White House advisers say that, in current terms, 1 percent would amount to around $145 billion, which is along the lines of what private economists say should be sufficient to help give the economy a short-term boost.
Bush said that Congress and the administration need to settle on something as soon as possible to â€œkeep our economy growing and create jobs.â€
â€œLetting Americans keep more of their money should increase consumer spending,â€ he said.
The president and Congress are scrambling to take action as fears mount that a severe housing slump and painful credit crisis could cause people to close their wallets and businesses to put a lid on hiring, throwing the nation into its first recession since 2001.
â€œThere is a risk of a downturn,â€ Bush conceded in his remarks at the White House.
He outlined several criteria for the package to meet: It must be â€œbig enough to make a difference in an economy as large and dynamic as ours,â€ it must be built on â€œbroad-based tax relief,â€ it must take effect right away but be temporary, and it must not include any tax increases.
Specifically, he called for tax incentives for businesses to make new and major investments â€œthis year.â€ He also called for tax relief for individuals — probably to come in the form of one-time rebates — to spend â€œas they see fit.â€

One of the things they're talking about here is a "tax rebate" of $800 for singles, $1,600 for couples (under $85K/$110K income) ... my question is this, and I haven't seen it answered in an article yet: Is this on the taxes I owed for 2007, or will it be on the 2008 taxes I file in 2009?

By ANDREW TAYLOR
and
DEB RIECHMANN
Associated Press Writer
WASHINGTON (AP) — President Bush, acknowledging the risk of recession, embraced about $145 billion worth of tax relief Friday to give the sagging economy a â€œshot in the arm. â€œ
Bush said such a growth package must also include tax incentives for business investment and quick tax relief for individuals. And he said that to be effective, an economic stimulus package would need to roughly represent 1 percent of the gross domestic product — the value of all U.S. goods and services and the best measure of the country’s economic standing.
White House advisers say that, in current terms, 1 percent would amount to around $145 billion, which is along the lines of what private economists say should be sufficient to help give the economy a short-term boost.
Bush said that Congress and the administration need to settle on something as soon as possible to â€œkeep our economy growing and create jobs.â€
â€œLetting Americans keep more of their money should increase consumer spending,â€ he said.
The president and Congress are scrambling to take action as fears mount that a severe housing slump and painful credit crisis could cause people to close their wallets and businesses to put a lid on hiring, throwing the nation into its first recession since 2001.
â€œThere is a risk of a downturn,â€ Bush conceded in his remarks at the White House.
He outlined several criteria for the package to meet: It must be â€œbig enough to make a difference in an economy as large and dynamic as ours,â€ it must be built on â€œbroad-based tax relief,â€ it must take effect right away but be temporary, and it must not include any tax increases.
Specifically, he called for tax incentives for businesses to make new and major investments â€œthis year.â€ He also called for tax relief for individuals — probably to come in the form of one-time rebates — to spend â€œas they see fit.â€

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This will be a check for whatever amount. It won't affect your refund from either last year or this year. Like the last time they did this, it's an attempt to buy your love.

Recessions are part of the natural economic cycle, just let it happen. We'll be out of it by the end of the year or the first year of the new president's term at the latest.
http://www.poynter.org/column.asp?id=2&aid=135635